AI-powered Virtual Assistant: An Economic Opportunity for Enterprises

Author - Devender | 24 july 2020 |
Nuacem AI

The change is inevitable, and it provides immense opportunity for developing new & innovative things.

Now, most individuals and enterprises are shifting from a touch user interface to the new age of voice commands (Intelligent digital and virtual assistants).

The time virtual assistants came into existence, they are mainly (virtual personal assistants) confined for personal use. With the rapid growth of the digital revolution, they made their way into the small scale to large scale enterprises.

By 2025, every enterprise will use at least one form of AI-powered Virtual Assistant in their operations.

An enormous number of organizations & individuals are addicted to using smart speakers and virtual assistants (Amazon Echo, Google Assistant, Google Home) after knowing its importance. Its market also multiplies.

According to the research of Tractica, there will be 1.8 billion Intelligent Virtual Assistants AI users across the globe by 2021.

The number of virtual assistants across the globe is increasing because people like using voice rather than typing.

57% of people like to speak with their digital assistant, and 34% of users prefer type & speak.

For the last few years, virtual assistants technology entered every industry for mainstream conversations. Businesses of all sizes and shapes are using virtual assistant services to solve their real-time problems.

Only the largest enterprises opted for virtual assistants, but now every organization (from start-ups to large scale enterprises) embraces virtual assistant technology.

According to the PWC research report, by 2030, AI will contribute $15.7 trillion to the global economy.

I think now most of you are thinking to know how exactly virtual assistants are going to benefit the enterprises?

Continue reading!

To know the in-detail information about the AI-powered virtual assistants.

In this blog, you get to know the information about the benefits provided by the virtual assistants to the enterprises.

Five Ways to use virtual assistants to improve your enterprise business & revenue

Virtual assistants act as human-like agents to streamline processes and ensure that the activities of business & customers run without any intervention.

In an enterprise, there are hundreds of processes handled by the virtual assistants by freeing up your organizational staff and also used to unknot complex problems with the help of Natural language processing, NLU, speech recognition, and Machine Learning.

Now, let’s look at five different ways.

Increase in sales

Increasing sales of an enterprise are one of the toughest challenges, and it requires a predefined approach that is implemented continuously and followed up.

Every customer looks out for proper customer relationship management that is quickly responsive.

According to Gartner, 85% of customer relationships are managed by intelligent assistants by 2020.

Here, virtual assistants help you to manage your upcoming and existing leads. With the use of AI-powered voice assistants, we can save time, increase retention rates, and lead generation that leads to an increase in revenue for a company.

Products Tracking

Customers started to expect more from Ecommerce enterprises rather than others. The company will receive a considerable amount of requests from the customers to know about their product purchasing order, delivery, and sometimes returns.

To solve these issues, eCommerce companies are going with virtual assistants apart from recruiting new employees.

These tracking assistants will send you every moment made by the product like dispatching from seller to delivery time & date. These assistants also notify you when you are in the return process.

It saves costs, increases sales & revenue for the company, and eases customers’ process by improving user experience.

Enhanced focus on core organizational tasks

Every enterprise & entrepreneur spends much time on various monotonous administrative support tasks such as calendar scheduling, taking notes, scheduling appointments, writing emails, and many more.

Due to which core functions of the enterprises are under focus that leads to a decrease in workplace/office space productivity.

Hiring employees to perform these tasks could eat up much money from your funds’ chest. AI-powered virtual assistants/administrative assistants are the perfect replacement for human resources to perform regular tasks.

It increases workplace productivity and minimizes labor costs for enterprises.

Handling bank operations

Money is valuable for both customers and enterprises. We have become accustomed to knowing the information about our payments and financial accounts 24/7 for knowing bank balance, recent transactions, loan applicability, credit card approval, and many more.

A customer needs to spend hours and days, even though there is no guarantee of getting approval for a loan or credit.

With the evolution of banking and financial assistants, one can check every banking information from their home or office that saves a lot of time and energy for a user.

It helps banks to retain valuable customers with their banks.

Live chat customer support for handling complaints

Most businesses require real-time live customer support on their website or mobile app to handle customer complaints.

Complaints are common in the service industry, and what matters is how enterprises are handling them no matter how unreasonable their claims might be.

It is where an AI-based virtual assistant 24/7 is beneficial for both customers and enterprises.

The live chat virtual assistant will resolve issues without human agent intervention by providing FAQ and information pages or guides.

Conclusion

These are the various virtual assistant benefits for the enterprises that help them grow in the market by controlling the costs.

The virtual assistants will increase revenue and improve customer relationships by improving response times.

Very soon, we are moving to a new world where everything is controlled with voice. AI assistants are fueling change across various industries, mainly in retail and eCommerce.

Enterprises need to understand their staff that virtual assistants are there to help their employees and not replace them.

By 2030, the companies which adopt AI tools across their enterprises will double their cash flow, and companies who don’t adopt will see a 20% decline in their cash flow compared with current levels.

So, think twice before you act.

Still, you have time to adapt, and you can be the game-changer of your sector or industry.

Are you looking out for the right virtual assistant companies to build your AI-powered virtual assistant?

If so, contact us.

We at Nuacem, develop high-quality virtual assistants based on client requirements.

Stay tuned to us for more updates on Conversational AI and AI-powered virtual assistants.

How can we help you to achieve YOUR objectives?